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Barrick Gold Corp
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Close 2021-10-19 C$ 23.86
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Barrick continues work on Pueblo Viejo plant expansion

2021-10-19 21:09 ET - News Release

Mr. Mark Bristow reports


"Barrick Gold Corp.'s Pueblo Viejo mine is continuing to advance a plant expansion and tailings storage facility project designed to extend its life to 2040 and beyond," said president and chief executive officer Mark Bristow.

Speaking at a local media briefing, Mr. Bristow noted that, so far this year, the Tier 1 (1) mine had paid $522-million in direct and indirect taxes, which brings its total tax payments since it went into commercial production in 2013 to just under $3-billion (2). The extension of its life means that it would continue to be a major creator of value for the Dominican Republic and its people far into the future.

Of the mine's 2,500 employees, 97 per cent are Dominicans, many drawn from its surrounding communities, which have all benefited substantially from its investment in upliftment programs. At present, the mine is involved in such programs in 58 surrounding communities. These include an agribusiness project intended to improve cacao cultivation in the area. In line with Barrick's global policy of favouring local contractors and suppliers, Pueblo Viejo has also promoted the development of the local economy, spending more than $160-million with them over the past eight years (2).

Mr. Bristow noted that Pueblo Viejo's management had been very successful in addressing the environmental liabilities left by the mine's former operator, significantly improving the water quality of the two nearby rivers. The drive for gender diversity was also paying dividends, with women now accounting for 16 per cent of the work force.

"Our goal in the Dominican Republic, as elsewhere in the world, is to create long-term value for our stakeholders through our strategy of sustainable development. Pueblo Viejo's expansion project has the potential to double the enormous contribution it has already made to the Dominican Republic's economy. Without this project, however, that contribution could end soon," he said.

About Pueblo Viejo

Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometres northwest of the capital city of Santo Domingo, and is operated by the Pueblo Viejo Dominicana Corp. -- a joint venture between Barrick (60 per cent) and Newmont (40 per cent). Construction of the Pueblo Viejo project started in 2008, with first production in 2012. The company's work force is 97 per cent Dominican. In 2020, the conversion of the mine's Quisqueya 1 power plant to natural gas was completed. This conversion from fuel oil to natural gas will decrease greenhouse gas emissions by 30 per cent and nitrogen oxide by 85 per cent, further reducing Pueblo Viejo's impact on the environment. An agribusiness project is also planned as an additional benefit for the local communities.

Endnote (1)

A Tier 1 gold asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

Endnote (2)

On a 100-per-cent basis.

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